MPC unanimous on holding rates amid inflation risk

Members voted for an unchanged rate despite what the Bank believes could be "more persistent" upward pressure on inflation. Meanwhile, the minutes, published this morning, show that MPC member David Miles was the lone voice calling for an increase in the government's asset purchase programme, known as quantitative easing (QE). Miles voted to inject a further £25bn into the economy, which would have taken the total QE programme to £350bn. Adam Posen, who has long argued for more QE, dropped his call for another round of stimulus. The Bank said further shocks to oil and other commodi...